AN ACT MAKING AN APPROPRIATION TO THE SECRETARY OF STATE FOR A COMPREHENSIVE REVIEW AND STUDY OF THE CORPORATION LAWS OF THE STATE AND FOR THE PREPARATION OF A REPORT CONTAINING RECOMMENDED REVISIONS OF SUCH LAWS FOR SUBMISSION TO THE GENERAL ASSEMBLY.

WHEREAS, the State of Delaware has a long and beneficial history as the domicile of nationally known corporations; and

WHEREAS, the favorable climate which the State of Delaware has traditionally provided for corporations has been a leading source of revenue for the State; and

WHEREAS, many States have enacted new corporation laws in recent years in an effort to compete with Delaware for corporation business; and

WHEREAS, there has been no comprehensive revision of the Delaware Corporation Law since its enactment in 1898; and

WHEREAS, the General Assembly of the State of Delaware declares it to be the public policy of the State to maintain a favorable business climate and to encourage corporations to make Delaware their domicile; and

WHEREAS, the Office of the Secretary of State of the State of Delaware, through its Corporation Department, exercises general supervision over corporations in the State.

NOW, THEREFORE,

Be it enacted by the General Assembly of the State of Delaware:

$25,000.00, to be used for a comprehensive review and study of the Corporation Laws of the State of Delaware, and for the preparation of a report containing recommended revisions of such law for submission to the General Assembly not later than June 30, 1965.

Section 2. The present holder or any successor holder of the Office of the Secretary of State is authorized to spend the money appropriated by Section 1 of this Act for consultants and assistance in such manner as will, in his discretion, most expeditiously accomplish the purposes of this Act and will include a report of his expenditure of such funds to the Governor and the General Assembly in the report required by Section 1 hereof.

Section 3. This Act is a Supplementary Appropriation Act for the fiscal year ending June 30, 1964, and the money hereby appropriated shall be paid by the State Treasurer out of the General Fund of the State of Delaware. The money hereby appropriated shall remain available to the Office of the Secretary of State until the purposes of this Act have been accomplished or until June 30, 1965, and any of said money remaining unexpended upon the completion of the project or on June 30, 1965, shall revert to the General Fund of the State.